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Valneva SE

VALN Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2019โ€“FY2025

Revenue Total sales reported in the income statement.
$197M
7.4% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’47.0%
54.8ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$130M
Free cash flow Cash from operations minus capital spending.
โˆ’$64.6M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โˆ’35.4%
40.9ย pts
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$1.53 EPS (TTM)

What Valneva SE does

No business description yet.

Legal name
Valneva SE
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Mar 17, 2026
Accession ยท CIK
0001628280-26-018808
0001836564

Revenue and margins

Valneva SE had $197M of revenue in fiscal 2025, up 7.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$64.6M in fiscal 2025, โˆ’32.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Valneva SE returned โ€” to shareholders in fiscal 2025. The diluted share count rose 15.4%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Valneva SE can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $393M$306M$139M$175M$129M
Debt incl. finance leases $65.5M$105M$195M$195M$211M
Net debt / EBITDA โ€”โ€”โ€”0.6xโ€”
Debt / equity 0.3x0.4x1.4x1.0x1.7x
Interest coverage โˆ’3.6xโˆ’6.0xโˆ’3.5x0.6xโˆ’2.0x
Current ratio 1.6x1.5x1.7x2.6x2.4x
Quick ratio 1.3x1.4x1.4x2.1x1.8x
Total assets $926M$663M$508M$519M$469M
Total liabilities $733M$428M$367M$331M$344M
Shareholders' equity $193M$234M$142M$188M$125M
Net debt (โˆ’ = net cash) โˆ’$327Mโˆ’$200M$56.1M$19.8M$81.7M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ“ โœ“ โœ“ โœ• โœ• โœ• โœ•
Return on assets rose โ€” โ€” โœ“ โœ• โœ“ โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ• โœ• โœ• โœ“
Debt fell relative to assets โ€” โ€” โœ“ โœ• โœ• โœ“ โœ•
Current ratio rose โ€” โ€” โœ• โœ• โœ“ โœ“ โœ•
Share count didn't rise โ€” โœ“ โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โœ• โœ• โœ• โœ“ โœ“ โœ•
Revenue rose relative to assets โ€” โ€” โœ“ โœ“ โœ• โœ“ โœ“
F-score โ€” / 3โ€” / 55 / 91 / 93 / 95 / 92 / 9
Accruals ratio โ€”โˆ’39.9%โˆ’22.1%13.5%18.7%11.6%โˆ’14.2%
Altman Z'' โ€”โ€”โ€”โ€”โ€”โ€”โ€”

7 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $141M $126M $412M $380M $166M $183M $197M
Gross profit $82.2M $63.9M $189M $38.7M $57.1M $76.9M $76.1M
Research and development $42.6M $96.3M $205M $110M $64.8M $80.2M $96.2M
Operating income โˆ’$0.9M โˆ’$62.8M โˆ’$72.6M โˆ’$119M โˆ’$88.8M $14.4M โˆ’$92.5M
Interest expense $3.4M $12.2M $20.1M $20.0M $25.2M $25.9M $47.2M
Pretax income โˆ’$1.0M โˆ’$74.4M โˆ’$82.8M โˆ’$152M โˆ’$107M โˆ’$12.4M โˆ’$129M
Income tax $1.0M โˆ’$1.0M $4.1M โˆ’$1.6M $3.0M $0.8M $1.2M
Net income โˆ’$0.9M โˆ’$62.8M โˆ’$72.6M โˆ’$151M โˆ’$110M โˆ’$13.2M โˆ’$130M
Net income to common โˆ’$0.9M โˆ’$62.8M โˆ’$72.6M โ€” โ€” โ€” โ€”
Diluted EPS โˆ’$0.04 โˆ’$1.62 โˆ’$1.77 โˆ’$2.61 โˆ’$1.58 โˆ’$0.17 โˆ’$1.53
Diluted shares 0.05B 0.05B 0.05B 0.06B 0.07B 0.07B 0.08B
Cash flow
Cash from operations $6.2M $157M $90.9M โˆ’$258M โˆ’$219M โˆ’$72.7M โˆ’$59.6M
Capital expenditure $11.8M $21.6M $109M $30.7M $15.4M $15.0M $5.0M
Free cash flow โˆ’$5.6M $135M โˆ’$18.1M โˆ’$289M โˆ’$235M โˆ’$87.7M โˆ’$64.6M
Depreciation and amortization โ€” $11.2M $16.9M $22.1M $19.0M $21.2M $24.5M
Stock-based compensation โ€” $7.2M $17.2M โˆ’$9.1M $5.5M $8.6M $10.7M
Acquisitions โ€” โ€” $0.0M $0.0M $11.8M $0.0M $0.0M
Balance sheet
Cash and short-term investments $72.4M $251M $393M $306M $139M $175M $129M
Total debt $29.6M $65.5M $65.5M $105M $195M $195M $211M
Current assets โ€” $378M $664M $453M $290M $311M $261M
Current liabilities โ€” $216M $418M $296M $176M $119M $110M
Inventory โ€” $33.0M $141M $37.4M $49.1M $55.8M $59.0M
Property and equipment, net $22.5M $42.7M $142M $120M $150M $144M $140M
Intangible assets $47.0M $43.5M $37.0M $30.6M $28.3M $26.2M $26.3M
Total assets โ€” $551M $926M $663M $508M $519M $469M
Total liabilities โ€” $456M $733M $428M $367M $331M $344M
Shareholders' equity $152M $95.0M $193M $234M $142M $188M $125M
Margins
Gross margin 58.2% 50.8% 46.0% 10.2% 34.4% 41.9% 38.7%
Operating margin โˆ’0.6% โˆ’50.0% โˆ’17.6% โˆ’31.4% โˆ’53.4% 7.9% โˆ’47.0%
EBITDA margin โ€” โˆ’41.1% โˆ’13.5% โˆ’25.6% โˆ’42.0% 19.4% โˆ’34.5%
Net margin โˆ’0.6% โˆ’50.0% โˆ’17.6% โˆ’39.7% โˆ’66.0% โˆ’7.2% โˆ’66.0%
FCF margin โˆ’3.9% 107.7% โˆ’4.4% โˆ’76.0% โˆ’141.2% โˆ’47.8% โˆ’32.8%
Returns
Return on capital โˆ’0.7% โ€” โ€” โˆ’275.4% โˆ’35.5% 5.5% โˆ’35.4%
Return on capital employed โ€” โˆ’18.7% โˆ’14.3% โˆ’32.5% โˆ’26.7% 3.6% โˆ’25.8%
Return on equity โˆ’0.6% โˆ’50.9% โˆ’50.4% โˆ’70.4% โˆ’58.3% โˆ’8.0% โˆ’83.0%
Return on assets โ€” โˆ’11.4% โˆ’9.8% โˆ’19.0% โˆ’18.7% โˆ’2.6% โˆ’26.3%
Return on tangible equity โˆ’0.9% โˆ’121.9% โˆ’46.5% โˆ’73.9% โˆ’96.7% โˆ’8.2% โˆ’131.9%
Growth
Revenue growth โ€” โˆ’11.0% 227.4% โˆ’7.8% โˆ’56.2% 10.4% 7.4%
FCF growth โ€” โ€” โˆ’113.4% โ€” โ€” โ€” โ€”
Share count change โ€” โˆ’1.1% 7.6% 18.3% 20.0% 5.1% 15.4%
Financial health
Net debt / EBITDA โ€” โ€” โ€” โ€” โ€” 0.6x โ€”
Debt / equity 0.2x 0.7x 0.3x 0.4x 1.4x 1.0x 1.7x
Interest coverage โˆ’0.3x โˆ’5.1x โˆ’3.6x โˆ’6.0x โˆ’3.5x 0.6x โˆ’2.0x
Current ratio โ€” 1.8x 1.6x 1.5x 1.7x 2.6x 2.4x
Quick ratio โ€” 1.6x 1.3x 1.4x 1.4x 2.1x 1.8x
Capital allocation
Capex / revenue 8.3% 17.2% 26.5% 8.1% 9.3% 8.2% 2.5%
Stock comp / revenue โ€” 5.7% 4.2% โˆ’2.4% 3.3% 4.7% 5.5%
Quality scores
Piotroski F-score โ€” โ€” 5.0 1.0 3.0 5.0 2.0
Accruals ratio โ€” โˆ’39.9% โˆ’22.1% 13.5% 18.7% 11.6% โˆ’14.2%

Source: SEC EDGAR XBRL filings (CIK 0001836564). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 2 ordinary shares). For information only โ€” not investment advice. Check the original filings before relying on any figure.

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